Gunther Plosch: Good morning, Josh. Right. As you know, the last several quarters, obviously, we are very elevated from a cash balance point of view. As I said in the prepared remarks, we ended up this year with about $780 million. Obviously, with the actions that we are taking now that cash balance is going to get reduced, it will take a little time to kind of work this down. As you know, we can run our business very conveniently at about $300 million of cash. Definitely believe that we’ll stay a little bit elevated over the next couple of months. Why is that? We’re heading into kind of uncertainty and volatility from a macroeconomic point of view. So we definitely believe to be a little bit more prudent on cash balances is appropriate.
Operator: Our next question comes from the line of Lauren Silberman with Credit Suisse. Lauren, your line is now open.
Lauren Silberman: Thank you very much. Thanks for the time. My question is on the organizational restructuring keeping G&A flat. Are the efficiencies primarily going to be realized through headcount? Are there any other projects or investments you might pull back in? Are you considering things like more outsourcing of technology? Thank you.
Todd Penegor: Yes, Lauren, a lot of work to do on the org redesign. And we had contemplated several investments that we would put in place the last of years and we’re thinking about an investment posture on some of the G&A for the next few years. But as we ran into this economic cycle, we’re relooking at where we’re placing some of those resources. We’re looking at some of the existing headcount in light of the org changes that were announced this morning with the senior team on the U. S. side and with a few folks moving on. All of that is yet to come. So we got a lot of work to do now to really define how do we get to those savings, how do we make sure that they’re structural, so they stick and hold us relatively flat on the G&A in the next couple of years.
But most importantly, we got to make sure our resources are focused where they matter the most as I continue to say driving traditional new unit development, driving our digital demand, raising the bar on operational excellence and continuing our momentum in breakfast.
Operator: Our next question comes from the line of Peter Saleh with BTIG. Peter, your line is now open.
Peter Saleh: Great. Thanks. Thanks for taking the question. Just two quick ones. I want a clarification. Just want to clarify that the G&A guidance is for flat dollars going forward in 2023 and 2024? And then just on CapEx, any color on CapEx in 2023 and 2024, is there any €“ are there any expenses that we should be expecting to be shifting out of G&A into CapEx? Or is CapEx relatively consistent on a go-forward basis as well? Thanks.
Gunther Plosch: Good morning. So as you know, we finished G&A in 2022 at $255 million. We are saying flat, relatively flat. So we’re not saying flat. So there’s going to be a little bit of inflation there is the one clarification I have. On capital, I’m not yet ready to give you any color on it. As you have noticed, we actually not yet done with even the cash flow for this year. So that needs to settle and we’ll purchase that one and beginning of March, we’ll give you a little bit more color how that number develops.
Operator: Next question comes from the line of Jake Bartlett with Truist. Jake, your line is now open.
Jake Bartlett: Great. Thanks for taking the questions. And I have two follow-ups, which I hope just equal one question. The first is, could you just give us an update on where you stand with the REEF closures? I’m wondering how many closed for instance maybe in 2022 or the fourth quarter and how many you expect to close in the next year? And then I had a question on the dividend payout. So as I calculate, it looks to be about over 100% payout. I think, GP, you made the comment that this is going to be a consistent given. So I think that would mean that you’re going to grow it from here. But if you could just comment on the targeted payout things obviously but double as I’m kind of calculating what you had previously talked about?
Gunther Plosch: Good morning. So on your REEF questions, we finished the year with about 50 REEF units across the globe kind of equally split roughly between the UK, Canada and the U.S. Again, as we said, the partnership is . You will hear more how that develops at the beginning of March when we do our unit guidance. In terms of dividends, again, the exact payout ratios and what have you, we’re obviously going to declare when we issue our guidance for next year. And as you note, it’s clearly well north of 50%. I also want to make sure that people absolutely understand that this is not a special dividend, it’s a regular dividend increase. And again, you can also expect that dividend will annualize to $1. And you can also expect that similar elevated dividends will be paid out in the coming years. Obviously, that is all subject to the discretion of the Board of Directors.
Operator: Our next question comes from the line of Nick Setyan with Wedbush Securities. Nick, your line is now open.
